Netflix ticker symbol: $NFLX short-term Elliott wave view suggests that the decline to $310.84 low ended cycle degree wave “IV” pullback. Up from there, cycle degree wave “V” can have started but a break above $423.21 6/21/2018 high remains to be seen for final confirmation. Above from $310.84 low, the rally higher $376.81 high ended intermediate wave (1). The internals of that rally unfolded in 5 waves impulse structure with the sub-division of 5 waves structure in lesser degree cycles in Minor wave 1, 3 & 5.
Up from $310.84 low, the initial rally to $341.50 high ended Minor 1 in lesser degree 5 waves. The pullback to $334.30 low ended Minor wave 2. Then the rally higher towards $374.49 high ended Minor wave 3 in lesser degree 5 waves structure. Down from there, the pullback to $363.54 low ended Minor wave 4. Finally, a rally higher to $376.81 high ended Minor wave 5 & also completed intermediate wave (1). Currently, the stock is doing a pullback in intermediate wave (2) & expected to unfold in lesser degree Zigzag correction before the rally resumes again provided the pivot at $310.84 low stays intact. We don’t like selling it and prefer more upside against $310.84 low.
Netflix 1 Hour Elliott Wave Chart
